The future of Tamworth's real estate in discussion with experts this week
Industry experts from the Real Estate Institute NSW (REINSW) have touched down in Tamworth as part of their 2021 Roadshow trail.
REINSW CEO Tim McKibbin said each year the peak body organisation tour around the state to speak with key stakeholders and deliver the latest legislative instruments which are impacting practice.
“We take the opportunity, particularly in regional areas, to take feedback on some of the problems or opportunities that the local market is subject to. With that information we formulate a discussion to have with government,” said Mr McKibbin.
Having missed last years roadshow due to COVID-19 lockdowns, REINSW believe the findings this year will provide a unique outlook.
“Since the last roadshow, COVID-19 has had a marked impact on the market, in particular regional markets, where we are seeing people taking a tree change and getting out into regional areas, consuming the local available housing stock and putting pressure on the community, affecting locals who are trying to get into the property market” he said.
COVID-19 proved to many businesses the ability for employees to work from home. For many metropolitan people, working from home has become the new norm.
Tim McKibbin believes once employees made the working from home discovery, the next question was “where do we want home to be?”.
“A lot of people are seeing regional areas as a great opportunity to enjoy a better lifestyle. But there are consequences on housing stock and rental stock adversely impacting locals,” said Mr McKibbin.
“According to PRD real estate data, the median house price in Tamworth of $355,000 as at the end of 2020 was up a significant 6.0% over the previous year, while the number of transactions in the local area increased a huge 37.1% during the last calendar year.
“With about $127.1 million in new local projects commencing this year, the signs suggest the local market will continue to grow.
“With this growth, though, comes pressure on the local housing market as the shortage of homes not only to buy but also to rent becomes more apparent. It can be distressing for some people looking to secure accommodation to find there’s simply not much available.
“The real estate landscape is changing markedly in the local area, and this is coinciding with a range of reforms to the industry that have the potential to re-shape the market for the long term,” Mr McKibbin says.
In partnership with the REINSW 2021 Roadshow, a Tamworth Regional Housing Forum was announced earlier this month to bring together key stakeholders from across the housing sector to work on activating affordable housing in the short, medium, and long term.
The Regional Housing Forum on Thursday 24 June is being supported by a range of organisations including REINSW, Tamworth Regional Council, Tamworth Business Chamber and more.
“We are happy to be supporting the Tamworth Regional Housing Forum and working with local operators to achieve the best outcomes for the community and our members,” Mr McKibbin says.
“Unfortunately, there isn’t going to be an easy fix for this. Property takes a long time to work its way through the market to be able to ultimately satisfy some of the demands”.